Lake Butler, Florida Property Taxes
The median property tax rate in Lake Butler, FL is 0.79%, considerably lower than both the national median of 0.99% and the Florida state median of 1.14%. With the median home value in Lake Butler, the typical annual property tax bill reaches $697, significantly below the national median of $2,690. Property taxes in Lake Butler are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lake Butler's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Lake Butler or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lake Butler, Florida Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.79%
Estimate Property Tax Bill
$787
$744
Ownwell’s Lake Butler Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Butler with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Butler to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Lake Butler, Florida
Property taxes in Lake Butler, Florida, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Butler is 0.79%, which is lower than the U.S. national median of 0.99%. Local government entities within Lake Butler set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Butler estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Lake Butler's effective property tax rate to other counties in Florida and the national median. For comparison, the 32054 zip code has both the highest and lowest median property tax rate at 0.79%. Understanding how these cities compare with Lake Butler provides valuable insights into the varying tax landscape across Bradford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Butler Tax Rate
0.79%
Average Bradford County Tax Rate
0.94%
Average Florida Tax Rate
1.14%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Butler, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32054 | 0.45% | 0.60% | 0.79% | 1.34% | 1.69% |
Source: Ownwell
Property Tax Assessment Values Across Lake Butler, Florida
In Lake Butler, Florida, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Bradford County Property Appraiser for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Lake Butler, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The zip code with the highest median tax bill is 32054 at $697, which also happens to be the lowest median tax bill in the area. Being aware of these valuation processes in Lake Butler helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lake Butler Assessed Value
$99,660
Average Bradford County Assessed Value
$96,435
Average Florida Assessed Value
$276,648
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Butler, Florida
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32054 | $38,319 | $57,792 | $99,660 | $127,678 | $165,383 |
Source: Ownwell
Property Tax Bills Across Lake Butler, Florida
In Lake Butler, property tax bills are calculated based on the assessed value of the property, which is determined by the Bradford County Property Appraiser. The assessed value is then multiplied by the local millage rate to determine the tax bill. Several factors influence the assessed value, including the property's market value, location, and any applicable exemptions. For example, the median home price in Lake Butler is $99,660, and the property tax rate in Bradford County is relatively low compared to the national median property tax rate of 0.99%. Homeowners in Lake Butler can expect their tax bills to fall within a range, with the 25th percentile tax bill at $506 and the 75th percentile at $1,158. The highest median tax bill in the area is $697, found in the 32054 zip code. These property taxes fund essential local services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents.
Average Lake Butler Tax Bill
$697
Average Bradford County Tax Bill
$903
Average Florida Tax Bill
$2,953
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Butler, Florida
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 32054 | $256 | $506 | $697 | $1,158 | $1,683 |
Source: Ownwell